# In the matter of Ajay Kumar Agarwal vs. Krishna Kumar Chhaparia, Liquidator of Aditi Health Oils Pvt. Ltd. & Ors.

> NCLAT judgment dated 2023-09-22. Citation: TCN-2023-NCLAT-00175. This is an appeal against the order dated 28.08.2023 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 22 Sept 2023
- **Citation:** TCN-2023-NCLAT-00175
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ajay-kumar-agarwal-vs-krishna-kumar-chhaparia-liquidator-of-aditi-health-oils-pv-31be5952

## Summary

### Background

This is an appeal against the order dated 28.08.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, which dismissed the IA (IB) No.1329/KB/2023 filed by the Appellant. The Appellant, the Suspended Director of the Corporate Debtor, challenged the auction notice dated 30.06.2023. The Appellant sought to restrain the Respondent from taking steps related to the auction and to declare the consequential actions as illegal. The Adjudicating Authority rejected the application relying on registered valuers reports obtained by the liquidator in the liquidation proceedings.

## Facts

The Appellant, Ajay Kumar Agarwal, challenged an order dated 28.08.2023 passed by the Adjudicating Authority (NCLT), Kolkata, which dismissed IA (IB) No.1329/KB/2023. The Appellant, being the Suspended Director of the Corporate Debtor, contested an auction notice dated 30.06.2023. The Appellant sought injunction against the Respondent regarding the auction and a declaration that consequential actions were illegal. The Adjudicating Authority rejected the application based on registered valuers' reports obtained by the liquidator. The Appellant argued that the valuation reports were received late and presented an e-Assessment Slip indicating a higher valuation (Rs.19,18,80,119/-) compared to the auction sale price (Rs. 14.6 Crores). The liquidator submitted that multiple

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in dismissing the IA (IB) No.1329/KB/2023 filed by the …

**Ratio:** The Adjudicating Authority is entitled to rely on registered valuers' reports obtained by

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**Reasoning:** The Adjudicating Authority relied on the registered valuers' reports obtained by the

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**Interpretation:** The Adjudicating Authority has the discretion to rely on the information and

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**Application:** The Adjudicating Authority's decision to dismiss the IA was upheld because it

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Ajay Kumar…
- **Respondents:** Aditi Health Oils…; Krishna Kumar…

## Timeline

- **2023-06-30 — Auction Noti…**: Date of the auction notice…
- **2023-07-27 — Auction…**: Date of the auction to be…

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